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​Blockchain of BlockClaim insurance operations receive 627000 USD in funding

2019-06-18 08:58 am | Resource: News Section | No Views : 66

​Blockchain of BlockClaim insurance operations receive 627000 USD in funding Blockchain technology is still successful in receiving funding from major international companies to find the best ways to use it in the business.
BlockClaim has recently received £ 500,000 ($ 627,000) in funding for Block Chain-based claims, an official blog reported on Monday (June 17th).
The company raised funds from venture capital firm Amadeus Capital Partners, Pragmatica Software, as well as other angel investors.
According to the announcement, BlockClaim uses blockchain technology to automate its claims process. In addition, the company explained that the product reduces the cost of the claim by 20% and leads to faster adjustments.
According to its website, BlockClaim, block chain technology, is used to simplify the process of claims:
"Leveraging the power of the private block chain helps maintain data integrity, accelerate processing time and increase the demands of the ecosystem."
The product is said to use artificial intelligence (AI) to provide fraud detection. For example, the publication explained that the BlockClaim system can use a type of AI module to identify images, in order to verify that images sent in vehicle collision claims accurately depict the damaged vehicle involved.
The blockchain / AI system as a whole is reported to include features such as intelligent claims routing, fraud detection and self-learning
Emerging technology has been in the insurance business for some time now, as the UK-based legal & legal agency has decided to use Amazon's Block Chain platform to rely on corporate pension acquisitions.
Legal & General is said to have chosen to use the Block chain solution because of the need for a safe ledger for transactions that may last for a long time. Chief Legal and Reinsurance CEO Thomas Olonloyo, commented on the installation of Block Chain for this goal, saying:
"Blockchain technology allows signing data and transactions, and it can be permanently recorded and stored over the life of these contracts, which can be extended for more than 50 years, which is certainly useful for this area."

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